Montgomery Investment Management Inc. Sells 2,500 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Montgomery Investment Management Inc. reduced its stake in Diamondback Energy, Inc. by 5.4%, selling 2,500 shares during the second quarter, leaving them with 44,194 shares valued at approximately $6.07 million.
• In addition to Montgomery's reduction, several other institutional investors increased their positions in Diamondback Energy, with SouthState Corp seeing a staggering 596.4% increase in their holdings during the first quarter.
• Diamondback Energy announced a quarterly dividend of $1.00 per share, reflecting an annualized yield of 2.8%, with a payout ratio of 28.43% indicated in their latest filing.

Montgomery Investment Management Inc. lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 5.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,194 shares of the oil and natural gas company's stock after selling 2,500 shares during the quarter. Diamondback Energy accounts for 2.3% of Montgomery Investment Management Inc.'s investment portfolio, making the stock its 12th largest holding. Montgomery Investment Management Inc.'s holdings in Diamondback Energy were worth $6,072,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. BankPlus Trust Department bought a new stake in Diamondback Energy in the 1st quarter worth about $27,000. Pinnacle Bancorp Inc. grew its holdings in shares of Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. SouthState Corp grew its holdings in shares of Diamondback Energy by 596.4% in the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after acquiring an additional 167 shares in the last quarter. Grove Bank & Trust grew its holdings in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after acquiring an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co grew its holdings in shares of Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after acquiring an additional 109 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Up 0.3%

Shares of NASDAQ:FANG opened at $143.54 on Thursday. The firm has a fifty day moving average price of $142.85 and a two-hundred day moving average price of $141.76. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The company has a market cap of $41.55 billion, a price-to-earnings ratio of 10.20 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. Diamondback Energy's quarterly revenue was up 48.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.52 EPS. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's payout ratio is currently 28.43%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Mizuho reduced their price objective on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Morgan Stanley increased their target price on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Melius began coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price objective for the company. Finally, Melius Research began coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company. According to data from MarketBeat, Diamondback Energy has a consensus rating of "Buy" and an average target price of $193.39.

Diamondback Energy Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

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